The Union Cabinet today approved the Budget 2022-23 presented by Finance Minister Nirmala Sitharaman in Parliament. Nirmala Sitharaman slammed the Budget. She said that capital expenditure has increased from Rs 5.5 lakh crore to Rs 7.5 lakh crore. She also said that the government is giving the highest MSP to farmers on crops. Along with it, she added that the government is ready to help the farmers decide the fate of agriculture.
“The one who decides the direction of cultivation is the farmers. Government is ready to help the farmers. This is the highest purchase of crops from farmers in the last 4-5 years. The government is giving the highest MSP to farmers on crops,” Nirmala Sitharaman said in an interview with DD News.
The Finance Minister, during the presentation of the Union Budget 2022-23 on Tuesday, informed the Parliament about something. She said that the Production Linked Incentive (PLI) Scheme of the Centre has the potential to create 60 lakh new jobs. This could happen during the next five years.
“Production Linked Incentive (PLI) Scheme for achieving Aatmanirbhar Bharat has received an excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during next Keycap digit five years,” she said.
The Centre’s Budget for the upcoming Financial Year primarily focuses on two core sectors; Women, Students, Farmers, and Big Public Infrastructure. This is for modernisation and development. The Finance Minister said, “PM Gati Shakti will pull forward the economy and will lead to more jobs and opportunities for the youth.”
“I want to take a moment to express my empathy for those who had to bear adverse health and economic effects of the pandemic.” The Union Minister said this while presenting her fourth Budget in Parliament. It aims at maintaining the world’s fastest-growing economy tag for India.
The budget comes days before the first phase of voting in Uttar Pradesh. This, along with four other states, is going to the polls to elect a new state government. Before the presentation, there was a Union Cabinet meeting that approved the Budget 2022-23.
She also said that the Reserve Bank of India is going to launch digital currency while taxing the virtual currency at 30 per cent. “(The government) want to undertake public investment expenditure to crowd in private investments… The government will have to lead the way on Capex and we have unhesitatingly come forward,” she said in the interview.
Sitharaman also said that the government have given Rs 1 lakh crore to states. The government gave this as a 50-year interest-free grant and above their borrowing limit. She added that this is a time when industries, both manufacturing and services should see a reset.
In a further boost to AatmaNirbhar Bharat, she said, “68 per cent purchases in defence will be from domestic companies.” The government has also allotted Rs 50,000 Crore of Sovereign Guaranteed loans to be given for hospitality and related sectors.
She also added that since 2014, the government’s focus has been on the empowerment of citizens. These citizens were especially the poor and marginalised. “We strive to provide the necessary ecosystem for the middle class,” she further added.
Earlier today, Sitharaman met President Ram Nath Kovind ahead of the Budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials from the Ministry. The finance minister also tabled a bigger Rs 39.45 lakh crore Union Budget, with higher spending in areas like highways and affordable housing with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic.
In an attempt to go green, the government presented the Union Budget for 2022-2023 in a paperless format. Nirmala Sitaraman slammed the Budget at the Parliament through a tab, instead of the traditional ‘bahi khata’.